Geneva Partners LLC Boosts Stake in Spotify Technology S.A. (NYSE:SPOT)

Geneva Partners LLC lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 132.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,718 shares of the company’s stock after purchasing an additional 6,111 shares during the quarter. Spotify Technology comprises 1.9% of Geneva Partners LLC’s investment portfolio, making the stock its 19th biggest holding. Geneva Partners LLC’s holdings in Spotify Technology were worth $4,795,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. WCM Investment Management LLC increased its stake in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Spotify Technology by 3.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after acquiring an additional 102,786 shares during the period. Jennison Associates LLC bought a new position in Spotify Technology in the fourth quarter valued at about $1,335,575,000. State Street Corp grew its position in Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC raised its holdings in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the period. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $625.04 on Thursday. The business has a fifty day moving average of $488.02 and a 200 day moving average of $410.89. The firm has a market capitalization of $124.41 billion, a price-to-earnings ratio of 169.85 and a beta of 1.63. Spotify Technology S.A. has a 1 year low of $227.52 and a 1 year high of $630.77.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. As a group, equities research analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. Barclays upped their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday. Bank of America boosted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wells Fargo & Company raised their price objective on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $509.61.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.